The article examines the current challenges and threats related to the financing of terrorism and the legalization (laundering) of criminal proceeds in the Kyrgyz Republic. It is noted that in the context of the globalization of the global financial system, transnational capital laundering and terrorist financing schemes are becoming increasingly complex and multilevel, which requires coordination of efforts at the international and regional levels. Special attention is paid to the national risk assessment conducted in Kyrgyzstan in 2019-2022. The systematization of the results showed that financial and credit institutions and certain categories of non-financial entities represent the highest level of vulnerability. Among the key risks are: the massive use of money transfer systems by migrant workers, a high level of the shadow economy, a significant proportion of cash turnover outside the banking system, as well as corrupt practices. The analysis demonstrates that the national risk assessment system is an effective tool for identifying weaknesses in the AML/CFT system, setting reform priorities and optimally allocating resources. It is emphasized that successful counteraction is impossible without the use of a risk-based approach consistent with international FATF standards. The article concludes that it is necessary to further improve the Kyrgyz national AML/CFT strategy, including strengthening oversight mechanisms, expanding interagency cooperation and enhancing international cooperation.